ETI Announces The Completion of Disposal of IFC Shareholdings To Arise B.V.

Proshare

Thursday, August 29, 2019 /11:20AM /NSE / Header Image Credit: Ecobank


On 17 June 2019, Ecobank Transnational Incorporated ("ETI") had notified the Nigerian Stock Exchange that International Finance Corporation ("IFC") and the funds managed by the IFC Asset Management Company ("AMC") were in advanced discussions to dispose of their shareholding in ETI to Arise B.V. ("Arise").

ETI hereby confirms that the transaction has now been completed. As a consequence, Arise has become a shareholder of reference in ETI with a c.14.1 per cent stake.

J.P. Morgan Securities PLC acted as Sole Placement Agent and Sole Financial Advisor to IFC and the funds managed by AMC in this transaction.

Following the completion of the transaction, Paolo Martelli, Senior Advisor at IFC said:

"As part of its ordinary asset portfolio rotation, IFC has divested its shareholdings in ETI to Arise B.V., a highly reputable Investment House with a strong developmental mandate for Africa. IFC invested in Ecobank for more than ten years and our investment has helped to increase access to credit for entrepreneurs and SMEs in Sub Saharan African Countries (including in IDA countries) in which the bank operates, achieving the development impact we sought when we made the investment. IFC maintains its strong commitment to the development of the Sub Saharan African Region and is continuing to invest in other projects in these countries."

Deepak Malik, Chief Executive Officer of Arise said: "In line with our core business mandate of investing in Africa's local prosperity we are excited to have acquired the c.14.1% shareholding in Ecobank Transnational Incorporated (ETI). Arise aims to collaborate with local Financial Service Providers (FSPs) in Sub-Saharan Africa to boost economic growth through strengthening the local banking sector. This transaction with ETI will see Arise collaborate with Ecobank to advance financial inclusion on the continent".

Ade Ayeyemi, Chief Executive Officer of ETI said: "We welcome Arise as a shareholder of ETI and believe that there would be a strong synergy in our core objectives, especially in ensuring and enshrining financial inclusion and the potential for the development of our continent. We must also take the opportunity to extend our deep appreciation to IFC for its commitment to and support for Ecobank in the last 10 years. We made meaningful progress with the strong collaboration and look forward to continuing to work with IFC in other areas in the future".

 

About Arise B.V

Arise is a leading equity investor in financial institutions in Sub-Saharan Africa with a combined asset value in excess of USD 740 million. Its mandate is to capitalize and stimulate growth across all financial services sub-sectors and within SSA. Through partnering with financially sustainable Financial Service providers (FSPs) and helping them to become industry leaders in their respective markets, Arise aims to contribute to the economic growth potential of Africa, whilst at the same time achieving long-term investment returns. For more information, visit www.ariseinvest.com.


About International Finance Corporation

International Finance Corporation - a sister organization of the World Bank and member of the World Bank Group - is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than USD 23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.


About IFC Asset Management Company

IFC Asset Management Company, LLC, a wholly owned subsidiary of IFC, mobilizes and manages capital to invest in businesses in developing and frontier markets. Created in 2009, AMC provides leading institutional investors with unique access to IFC's emerging markets investment pipeline and investment expertise, while providing positive development impact in the countries in which it invests. AMC funds' investors include sovereign wealth funds, pension funds, and development-finance institutions. It has raised approximately USD 10 billion across 13 investment funds covering equity, debt, and fund-of-fund products. For more information, visit www.ifcamc.org.


About Ecobank Transnational Incorporated

Incorporated in Lome, Togo in 1985, Ecobank Transnational Incorporated ('ETI') is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Cdte d’lvoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group employs 15,500 people in 40 different countries. Ecobank provides consumer and commercial banking, corporate and investment banking, and securities, wealth and asset management to over 19 million customers, ranging from individuals, small and medium-sized enterprises, regional and multinational corporations, financial institutions, international organisations and governments via over 800 branches and offices, 2,731 ATMs, the internet (ecobank.com), and mobile banking.

 

Proshare Nigeria Pvt. Ltd.


Related News

1.       Negative Sentiment Sustained On ETI As Share Price Hits 52-Week Low of N6.00K

2.      ETI Announces The Appointment of Ayo Adepoju As Group Chief Financial Officer

3.      ETI Announces The Appointment Of Nana Araba Abban As New Group Consumer Banking Head

4.      ETI Declares N59.49bn PAT in Q2 2019 Results, (SP:N9.00k)

5.      Ecobank Development Corporation Advocates "Intergenerational Wealth"

6.      Ecobank Hosted by London Stock Exchange After Successful $500m Eurobond Issuance

7.      Ecobank Transnational Incorporated $50m Eurobond Tap Issuance Oversubscribed

8.     Ecobank Bags Most Admired Financial Services Brand in Africa

9.      Ecobank Transnational Incorporated $50m Eurobond Tap Issuance Oversubscribed

10.  ETI Issues a 5-Year $50m Senior Unsecured Bond Offering



Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP